Cardiol Therapeutics Inc.
CRDL evidence brief
What we can confirm
- Market Cap:
- $207.8M
What it means
What to watch
Prepared research question
What matters most for CRDL—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CRDL
Cardiol Therapeutics Inc. (CRDL) is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate, CardiolRx™, currently in a pivotal Phase III trial for recurrent pericarditis.
Key risk: Clinical trial failure
Market Cap
$207.8M
Cash Runway
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Lead Asset
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Next Catalyst
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Tracking 4 clinical trials for Cardiol Therapeutics Inc..
Cardiol Therapeutics Inc. (CRDL) is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate, CardiolRx™, currently in a pivotal Phase III trial for recurrent pericarditis.
- Cardiol Therapeutics is a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease [news · published 2026-09-16].
- The company's lead product, CardiolRx™, is a synthetic, pharmaceutical-grade cannabidiol formulation being evaluated in a pivotal Phase III MAVERIC trial for recurrent pericarditis [news · published 2026-08-12].
- As of September 23, 2026, 110 patients had been enrolled in the MAVERIC trial, and the company announced plans to expand the trial to strengthen efficacy assessment [news · published 2026-09-23].
- In September 2026, Cardiol received over USD $7 million from warrant exercises, extending its cash runway into H1 2028 [news · published 2026-09-16].
- The company has completed a US$11.4 million financing and extended cash runway into Q3 2026 [sec · filed 2025-10-21].
What works
- Cardiol has achieved key enrollment milestones in its pivotal Phase III MAVERIC trial, including reaching 50% enrollment by January 2026 and 110 patients by September 2026, indicating strong clinical execution [news · published 2026-01-13] [news · published 2026-09-23].
- The company has secured multiple financings, including US$11 million and US$11.4 million in 2025 and over USD $7 million from warrant exercises in 2026, extending cash runway into H1 2028 [sec · filed 2025-10-17] [sec · filed 2025-10-21] [news · published 2026-09-16].
- Phase II ARCHER trial data demonstrated that CardiolRx™ improves heart structure, supporting the therapeutic rationale for the Phase III program [sec · filed 2025-12-01].
- The company is actively expanding its clinical trial infrastructure across the U.S., Europe, and Canada, with more than 15 leading cardiovascular centers enrolling patients [news · published 2026-01-13].
What to weigh
- Cardiol is a pre-revenue, late-stage biotech company with no approved products, making it entirely dependent on successful clinical outcomes and financing for survival [sec · filed 2025-10-17] [sec · filed 2025-10-21].
- The company's cash runway extensions have been achieved through multiple financings, indicating ongoing cash burn and the need for continued capital raises to fund operations [sec · filed 2025-10-17] [sec · filed 2025-10-21] [news · published 2026-09-16].
- The pivotal Phase III MAVERIC trial is still ongoing, and topline data have not yet been reported, creating uncertainty around the efficacy and regulatory approval of CardiolRx™ [news · published 2026-08-12].
- The company operates in a competitive and high-risk therapeutic area (heart disease), and any negative clinical data could significantly impact its prospects [news · published 2026-09-14].
From the filings
Quoted directly from source documents.
Cardiol Therapeutics is a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease.
“Cardiol Therapeutics Inc. (NASDAQ: CRDL) (TSX: CRDL) ("Cardiol" or the "Company"), a late-stage life sciences company advancing anti-inflammatory and anti-fibrotic therapies for heart disease”
News · September 16, 2026
CardiolRx is a synthetic, pharmaceutical-grade cannabidiol formulation.
“Cardiol Therapeutics (NASDAQ:CRDL) is advancing its synthetic, pharmaceutical-grade cannabidiol formulation, CardiolRx”
News · August 12, 2026
Cardiol received over USD $7 million from warrant exercises in September 2026.
“Cardiol Therapeutics Announces Warrant Exercise for Over USD $7 Million in Proceeds”
News · September 16, 2026
Catalyst timeline
- 2025-04-07 · Phase3_Start: CardiolRxTM in Recurrent Pericarditis (MAVERIC Phase 3) A Randomized, Double-blind, Placebo-controlled Trial — Initiation of the pivotal Phase III trial for CardiolRx in recurrent pericarditis.
- 2026-07-21 · Trial_Readout: Efficacy and Safety of Pharmaceutically Manufactured Cannabidiol in Recurrent Pericarditis: A Pha — Readout of efficacy and safety data from a study on pharmaceutically manufactured cannabidiol in recurrent pericarditis.
Risks & what to watch (4)›
Key risks
- Clinical trial failure — The pivotal Phase III MAVERIC trial has not yet reported topline data; negative results could halt the program [news · published 2026-08-12].
- Cash runway dependency — The company relies on multiple financings to extend cash runway; any delay in future raises could disrupt operations [sec · filed 2025-10-17] [news · published 2026-09-16].
- Regulatory approval uncertainty — CardiolRx has not yet been approved by any regulatory authority; approval is contingent on successful trial outcomes [news · published 2026-08-12].
- Competitive landscape — The heart disease therapeutic area is highly competitive, and Cardiol faces established players and alternative therapies [news · published 2026-09-14].
What to watch
- Topline data readout from the pivotal Phase III MAVERIC trial of CardiolRx™ in recurrent pericarditis [news · published 2026-08-12].
- Further enrollment updates and potential expansion of the MAVERIC trial [news · published 2026-09-23].
- Any new financing or cash runway updates, as the company has extended runway into H1 2028 [news · published 2026-09-16].
- Regulatory interactions or potential new drug application filing for CardiolRx™ [news · published 2026-08-12].
Sources: Catalysts · News · SEC filings · Generated October 10, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Short Interest
as of May 20, 2026- % of float
- 1.8%
- Days to cover
- 2.3
- Shares short
- 1,965,344
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CRDL short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cardiol Therapeutics Inc.?
Cardiol Therapeutics Inc. (CRDL) is a late-stage life sciences company developing anti-inflammatory and anti-fibrotic therapies for heart disease, with its lead candidate, CardiolRx™, currently in a pivotal Phase III trial for recurrent pericarditis.
Who is the CEO of Cardiol Therapeutics Inc.?
Mr. David G. Elsley MBA is the chief executive officer of Cardiol Therapeutics Inc. (CRDL).
Where is Cardiol Therapeutics Inc. headquartered?
Cardiol Therapeutics Inc. (CRDL) is headquartered in Oakville, ON, Canada.
What therapeutic areas does Cardiol Therapeutics Inc. focus on?
Cardiol Therapeutics Inc. develops therapies across Cardiovascular, Infectious Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.